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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 59,504 $ 64,540 $ 59,228
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 5,346 5,515 3,786
Deferred taxes (2,909) (1,412) (246)
Stock-based compensation 944 859 710
Provision for credit losses [1] 16,047 4,819 6,167
Write-downs of other real estate owned and other repossessed assets 1,454 4,295 2,530
Gains on sale of loans held for sale (7,226) (1,880) (1,288)
Securities (gains) losses (1,251) (3) 85
Fair value adjustment in equity securities (518) (780) 0
Gain on debt repurchase 0 (219) 0
(Gains) losses on sale of assets, net 390 360 (175)
Proceeds from sale of mortgage loans held for sale 347,048 94,507 56,689
Funding of mortgage loans held for sale (361,913) (91,333) (56,829)
Amortization of securities premiums and discounts, net 5,907 5,042 4,679
Change in cash surrender value of bank owned life insurance (1,371) (1,567) (2,924)
Payment of operating lease liabilities (1,682) (1,663) 0
Mortgage servicing rights:      
Fair value adjustments 1,064 975 343
New servicing assets created (1,869) (631) (466)
Changes in:      
Accrued interest receivable (982) (404) (1,094)
Other assets 1,845 4,941 (14,694)
Accrued interest payable (1,596) (63) (674)
Other liabilities 4,147 (2,440) 9,660
Net cash provided by operating activities 62,379 83,458 65,487
Certificates of deposit in other banks:      
Purchase of certificates of deposit (245) 0 0
Maturity of certificates of deposit 245 3,675 5,880
Securities available-for-sale (AFS):      
Purchase of AFS securities (857,167) (196,727) (281,511)
Proceeds from sales of AFS securities 186,194 25,734 153,315
Proceeds from prepayments, calls, and maturities of AFS securities 281,487 174,125 109,701
Securities held-to-maturity (HTM):      
Proceeds from prepayments and maturities of HTM securities 517 132 10
Change in loans, net (306,523) (46,162) (93,151)
Purchase of premises and equipment (1,482) (2,570) (2,832)
Proceeds from sale and retirement of premises and equipment 1 48 97
Redemption of stock by Federal Home Loan Bank 426 4,239 3,214
Proceeds from sale of other real estate owned and repossessed assets 4,754 3,641 3,485
Additional investment in bank owned life insurance (1,733) (1,241) 0
Proceeds from settlement of bank owned life insurance 0 615 1,202
Net cash used in investing activities (693,526) (34,491) (100,590)
Cash flows from financing activities:      
Change in deposits, net 610,510 99,622 42,087
Change in repurchase agreements and federal funds purchased, net 121,539 931 (17,234)
Advances from Federal Home Loan Bank 25,000 30,000 0
Payments on advances from Federal Home Loan Bank (25,020) (30,021) (409)
Payment of finance lease liabilities (15) (14) 0
Repurchase of long-term debt 0 (1,281) 0
Issuance of common stock 926 1,264 1,230
Repurchase of stock (1,099) 0 0
Dividends paid (27,142) (26,235) (24,395)
Net cash provided by (used in) financing activities 704,699 74,266 1,279
Net increase (decrease) in cash and cash equivalents 73,552 123,233 (33,824)
Cash and cash equivalents at beginning of year 264,683 141,450 175,274
Cash and cash equivalents at end of year 338,235 264,683 141,450
Supplemental disclosures:      
Income taxes paid 13,275 9,988 9,700
Interest paid 27,047 40,576 28,621
Non-cash activities:      
Loans to facilitate the sale of other real estate owned and repossessed assets 9,632 2,879 4,385
Common stock dividends accrued, paid in subsequent quarter 239 221 221
Real estate acquired in settlement of loans $ 4,446 $ 3,384 $ 5,459
[1] Effective January 1, 2020, the provision for loan losses became the provision for credit losses with the implementation of ASU 2016-13, commonly referred to as CECL.